BTC Daily Fakeout

Bitcoin looks like it has broken on the downside of a wedge pattern (broken bull line represented by light pink). This appears to be a fakeout. Volume is relatively low compared to the price action. RSI is no longer in overbought territory. Price is still in the bottom end of the regression channel (price trend represented by red and blue shaded areas). The chart pattern it is now a playing off is a descending triangle with support around 30k, which is also the 38.2% retracement. Ichimoku clouds also provide plenty of support for this area (caution around end of January where the cloud is weakest.) Bulls should buy now before the price is caught on the suporrt. You can play a short term bull movement to the top of the bear trend line (blue) in the descending triangle (around the 23.6% retracement around 35k) Best move is to keep an eye on the bear trend line and wait for a large break on the bull side. It's also possible the price could still reverse on the broken bull line (light pink)